Updated about 10 years ago on . Most recent reply
Trying to Close on Property and Need $50k
Hey BP!
I'm not sure if this is posted in the right spot or not, but I'm looking to secure $40k in private money to close on a property.
Long story short...
I submitted an all cash offer two months ago on a short sale and someone else offered more so I moved on. Yesterday, my agent let me know that it's back on the market and the bank wanted to accept my cash offer of $170k, but I'm $50k short. I'm putting $120k of my own funds in the deal. ARV is $250k. I plan on living in this property as my primary residence and will obtain a mortgage right after closing.
My assumption is within 60 days after closing, my mortgage will be in place. So I'm only seeking a short term loan. You will have first lien position on the property.
If you or know someone else who is interested in lending private money, please reach out to me.
Thank you!